Gilfillan adds Newcastle

A 98-year lease of the world’s largest coal port has been sold to Port of Newcastle Investments, a 50:50 joint venture formed by Australia’s Hastings Funds Management and China Merchants Group.

NSW Ports, the consortium that earlier this year bought 99-year leases of Port Botany and Port Kembla from the New South Wales Government for A$5.07B, has appointed Stephen Cleary as chief executive.

The new owners of Port Botany and Port Kembla have moved quickly to assure investors and users that they will provide the industry with policy certainty and long-term stability.

The sale of 99-year leases of Port Botany and Port Kembla has reaped twice the expected return for the New South Wales Government from a consortium of local superannuation funds and the Abu Dhabi Investment Authority.

Ongoing labour and equipment issues at Patrick’s Port Botany terminal appear to be having an impact on Sydney Ports Corporation (SPC)’s recent monthly figures.

Ongoing labour and equipment issues at Patrick’s Port Botany terminal appear to be having an impact on Sydney Port Corporation (SPC)’s recent monthly figures.